Assets 12/31/2021 Net Equity and Liabilities

Intangible Assets 60,000 € Share capital

Tangible Assets 120,000 € Reserves
No Current Assets 180,000 € Income
Inventories 145,000 € Net Equity
Trade and other receivables 56,000 € Long term debt
Cash 36,950 € Non Current Liabilities
Current Assets 237,950 € Short term debt
Accounts payable
Short-term payable Public Authorities
Current Liabilities
Total Assets 417,950 € Total Equity and Liabilities
12/31/2021 Short-term payable Public Authorities
120,000 € VAT 15,000 €
45,000 € IRPF (Personal income tax) 7,500 €
25,000 € Corporation tax 6,250 €
190,000 € Social Security 4,200 €
150,000 € Total Short-term payable Public Authorit 32,950 €
150,000 €

45,000 € Trade and other receivables

32,950 € November sales 24,500 €
77,950 € December sales 31,500 €
417,950 € Total Trade and other receivables 56,000 €

•VAT and personal income tax are paid in the month following the end of the settlement period (the c
•The Corporation Tax is paid in the month of July of the following year.
•Social Security is paid in the month following the settlement month.
d of the settlement period (the company files quarterly returns).
Output VAT: 21%
The expected sales (excluding VAT) for the year 2022 by months are the following:

January February March April May June July

Sales 25,000 € 32,500 € 36,800 € 42,000 € 52,500 € 54,000 € 65,200 €
VAT charged 5,250 € 6,825 € 7,728 € 8,820 € 11,025 € 11,340 € 13,692 €
Total 19,750 € 25,675 € 29,072 € 33,180 € 41,475 € 42,660 € 51,508 €

Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Check

Output VAT 19,803 € 31,185 € 30,324 € 36,225 € 117,537 € - €

The payment of supplies and other expenses is in cash. The details of purchases, supplies and other expenses for m
Input VAT 21%

January February March April May June July

Purchases 17,500 € 28,000 € 15,000 € 24,000 € 25,000 € 30,000 € 52,000 €
Input VAT 3,675 € 5,880 € 3,150 € 5,040 € 5,250 € 6,300 € 10,920 €
Total 21,175 € 33,880 € 18,150 € 29,040 € 30,250 € 36,300 € 62,920 €
January February March April May June July
Supplies 1,400 € 1,400 € 1,400 € 1,400 € 1,400 € 1,400 € 1,400 €
Other expenses 500 € 500 € 500 € 500 € 500 € 500 € 500 €
Input VAT 399 € 399 € 399 € 399 € 399 € 399 € 399 €
Total 2,299 € 2,299 € 2,299 € 2,299 € 2,299 € 2,299 € 2,299 €

Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Check

Input VAT 13,902 € 17,787 € 24,297 € 19,467 € 75,453 € - €

VAT Settlement Quarter 1 Quarter 2 Quarter 3 Quarter 4

Output VAT 19,803 € 31,185 € 30,324 € 36,225 €
Input VAT 13,902 € 17,787 € 24,297 € 19,467 €
VAT payable if (+) 5,901 € 13,398 € 6,027 € 16,758 €
 August September October November December Total
22,500 € 56,700 € 49,000 € 55,000 € 68,500 € 559,700 €
4,725 € 11,907 € 10,290 € 11,550 € 14,385 € 117,537 €
17,775 € 44,793 € 38,710 € 43,450 € 54,115 € 442,163 €

nd other expenses for months of the year 2022 are expected to be the following:

August September October November December Total

30,000 € 28,000 € 35,000 € 40,000 € 12,000 € 336,500 €
6,300 € 5,880 € 7,350 € 8,400 € 2,520 € 70,665 €
36,300 € 33,880 € 42,350 € 48,400 € 14,520 € 407,165 €
August September October November December
1,400 € 1,400 € 1,400 € 1,400 € 1,400 € 16,800 €
500 € 500 € 500 € 500 € 500 € 6,000 €
399 € 399 € 399 € 399 € 399 € 4,788 €
2,299 € 2,299 € 2,299 € 2,299 € 2,299 € 27,588 €
Payroll
Total gross monthly payroll
Number of payments
Personal income tax withheld:
Social Sec-workers
Social Sec-Co.
10,000.00 €
14 (extra payroll in June and December)
15%
6% (calculated on the total of payments, but it does not accrue in the extra
30% (calculated on the total of payments, but it does not accrue in the extra

January February March April May

Payroll - Gross 10,000 € 10,000 € 10,000 € 10,000 € 10,000 €
IRPF Withholding 1,500 € 1,500 € 1,500 € 1,500 € 1,500 €
Social Sec-workers 700 € 700 € 700 € 700 € 700 €
Payroll - Net 7,800 € 7,800 € 7,800 € 7,800 € 7,800 €
Social Sec-Company 3,500 € 3,500 € 3,500 € 3,500 € 3,500 €
Social Sec - payable 4,200 € 4,200 € 4,200 € 4,200 € 4,200 €

Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total

IRPF Settlement 4,500.00 € 6,000.00 € 4,500.00 € 6,000.00 € 21,000.00 €
s not accrue in the extras).
s not accrue in the extras).

June June-Extra July August September October November December

10,000 € 10,000 € 10,000 € 10,000 € 10,000 € 10,000 € 10,000 € 10,000 €
1,500 € 1,500 € 1,500 € 1,500 € 1,500 € 1,500 € 1,500 € 1,500 €
700 € - € 700 € 700 € 700 € 700 € 700 € 700 €
7,800 € 8,500 € 7,800 € 7,800 € 7,800 € 7,800 € 7,800 € 7,800 €
3,500 € - € 3,500 € 3,500 € 3,500 € 3,500 € 3,500 € 3,500 €
4,200 € - € 4,200 € 4,200 € 4,200 € 4,200 € 4,200 € 4,200 €

Check
- €
Dec-Extra Total
10,000 € 140,000 €
1,500 € 21,000 €
- € 8,400 €
8,500 € 110,600 €
- € 42,000 €
50,400 € 50,400 €
Profit and loss forecast 2022
Sales 559,700.00 €
Purchases -336,500.00 €
Supplies and Other Expenses -22,800.00 €
Payroll -140,000.00 €
Social Security - Co. -42,000.00 €
Operational income 18,400.00 €
Profit before taxes 18,400.00 €
Corporate tax -4,600.00 €
Net Income 13,800.00 €
The average collection period for the company is two months.
Avg collection period (mon 2
The average term of payment to commercial suppliers is one month.
Avg payment period (month 1
Social security is paid out the following month

2022 January February March April

Opening balance 36,950.00 €

Receipts

Total receipts 0.00 € 0.00 € 0.00 € 0.00 €

Payments

Total payments 0.00 € 0.00 € 0.00 € 0.00 €

Net cash flows 0.00 € 0.00 € 0.00 € 0.00 €

Closing balance 36,950.00 € 0.00 € 0.00 € 0.00 €

May June July August September

0.00 € 0.00 € 0.00 € 0.00 € 0.00 €

0.00 € 0.00 € 0.00 € 0.00 € 0.00 €

0.00 € 0.00 € 0.00 € 0.00 € 0.00 €

0.00 € 0.00 € 0.00 € 0.00 € 0.00 €

October November December

0.00 € 0.00 € 0.00 €

0.00 € 0.00 € 0.00 €

0.00 € 0.00 € 0.00 €

0.00 € 0.00 € 0.00 €